This short story is not a whodunit... we've been watching Perry Mason lately. "The Case of the Accidental Triple" is a non-fictional account of a stock (Red Hat, Inc. [NYSE: RHT]) that tripled in value even though it was purchased by accident.
On 19 December 2003, I went to sell some RHT shares, but I accidently clicked the "Buy" button and, as if on auto-pilot, clicked the "Confirm" button. In other words, I accidently purchased some RHT shares. Note: This accident would have been avoided if there had not been enough cash in the account to make the purchase.
Because of my long-term confidence in the FLOSS (Free/Libre and Open Source Software) movement, I decided to keep the RHT shares to see how long it would for them to double in value. I never thought about the shares tripling in value. In a nutshell: It took longer than I expected for RHT to double in value, but the approach to the tripling price has happened quicker than I expected.
The accidental double took 2420 days (i.e. 6 years, 7 months and 16 days).
On 1 December 2010, RHT hit a new 52-week high of $46.25 and that got me thinking about the potential for an accidental triple. In other words, at $46.26, RHT was within 10% of the accidental triple price of $50.61.
RHT hit a new 52-week high of $47.59.
RHT hit $50.61 on 27 October 2011. The accidental triple took 2869 (i.e. 7 years, 10 months, 8 days). The accidental quadruple price is $67.48.
Creator: Gerald Thurman
Created: 01 December 2010
Last Modified: Saturday, 05-Jan-2013 11:15:48 MST